USPS Ends FY2022 Third Quarter With Continued Service Improvements Across All Mail Categories

♦ Company is experiencing strong ecommerce demand in its Gourmet Foods and Gift Baskets brands and its 1-800-Flowers Consumer Floral business, including a strong Mother’s Day holiday period as well as increased demand for every-day gifting occasions. ♦ Total consolidated revenues for Fiscal 2020 are now expected to grow in a range of 16-to-18 percent, compared with the prior year, up from a previous range of 8-to-9 percent.

The Association of American Publishers (AAP) released its StatShot report for August 2020 reflecting reported revenue for all tracked categories, including Trade (consumer publications), K-12 Instructional Materials, Higher Education Course Materials, Professional Publishing, and University Presses. Total revenues across all categories for August 2020 were essentially flat at $1.9 billion, an increase of 0.3% as compared to August 2019. Year-to-date sales were $9.4 billion, a decline of 4.6% as compared to the same period last year. Trade (Consumer Books) sales were notably up 6.9% year-over-year, coming in at $703.6 million. Year-to-date (January-August 2020) Trade sales were $5.0 billion, an increase of 5.2%, as compared to the first eight months of 2019.

Gannett Co., Inc. announced it will repurchase approximately $13.0 million of 6.00% first lien notes due November 1, 2026 (the "2026 Senior Notes") for approximately $12.0 million, representing a discount to par value. The transaction is expected to close on March 28, 2024. In connection with the repurchase of the 2026 Senior Notes, the Company will receive a waiver from certain lenders under its five-year senior secured term loan facility that will reduce the scheduled amortization payment for the fiscal quarter ending March 31, 2024 payable to those lenders by the amount spent by the Company to repurchase the 2026 Senior Notes. "By working with our lenders, we are continuing to opportunistically take out senior notes below par value, and this latest repurchase builds upon the agreements announced in November and September of 2023," said Michael Reed, Chairman and Chief Executive Officer. "We expect debt reduction and improvement in our capital structure to remain our primary use of capital allocation, and as a result, we expect to repay at least $110 million in 2024 through non-strategic asset dispositions and continued free cash flow improvement."